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CITY COUNCIL AGENDA MEMO |
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| | | | | | | | | MEETING DATE: | 8/28/2023 | | DEPARTMENT: | Special Projects | | DIRECTOR: | Peter Braster, Director of Special Projects | | AGENDA ITEM: | Purchase of 3.06 acres at 3321 East Parker Road | | RECOMMENDED ACTION: | Approval of Expenditure |
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| | | | | | | | ITEM SUMMARY To approve an expenditure in the amount of $1,585,000 for the purchase of real property located at 3321 East Parker Road from Satinder and Sophie Baweja; and authorizing the City Manager to execute all necessary documents. Approved |
| | | | | | | | PREVIOUS ACTION/PRESENTATION The last acquisition for Oak Point Park and Nature Preserve was approved by the Plano City Council in March 2015. In addition, the property will replace the usable park space that is soon to be occupied by the new Parks Maintenance Facility at Oak Point Park. The architectural services for this new facility were approved by the Plano City Council at its January 23, 2023 meeting. |
| | | | | | | | BACKGROUND The property located at 3321 East Parker Road borders Oak Point Park and Nature Preserve along its north and west property boundaries. The 3.06 acres tract was listed for sale by ReKonnection, LLC in late May 2023 for $1,800,000. The property owners have agreed to sell the property for $1,585,000 after negotiations with City staff. This item was prepared in cooperation with the Plano Parks & Recreation Department.
The City is exempt from the competitive bid process for this purchase as allowed by Texas Local Government Code Chapter 252 Subchapter B Section 252.022(a)(6). |
| | | | | | | | FINANCIAL SUMMARY/STRATEGIC GOALS Funding for this item is available in the Park Improvements CIP. Acquiring the property at 3321 E Parker Road has a purchase price of $1,585,000. The City will also incur transaction expenses for title insurance, escrow fees and survey preparation that will be paid separately to a title company and survey firm. The anticipated amount for these costs is approximately $15,000, for a total amount of $1,600,000.
Approval of this item supports the City's Strategic Plan Critical Success Factor of Excellent, Innovative, and Accountable City Government. |
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